Research

Scope and Content Note

This series details the financial activities of banks and trust companies through correspondence and financial records. The committee, known as the "Lockwood Committee" for chairman Charles C. Lockwood, investigated the banking industry's investment activities related to housing and mortgages.

All types of banks (private, savings, State, and trust companies) were examined, and though a significant number of New York City banks are documented, institutions from throughout the state are represented. The committee attempted to discover if and why banking industry investments could be adversely affecting the housing market and what measures might be taken to change these practices.

Correspondence between bank officials and between bank officials and committee members concerning investment policy is found in this series. Financial records include lists describing new loans made, and lists of stocks and other securities in which the bank invested, including details on bond investments such as amounts invested and dates of maturity. Forms that the committee compiled on banks' investments (usually bonds) provide such information as amounts invested, principal, interest, and dates of investment and maturity.